Mexican housing finance company Metrofinanciera is expected to price a two-tranche $200 million deal in the cross-border market in the short-term, but, in the meantime, the issuer placed two transactions last Wednesday via sole lead IXE for a combined Ps1.5 billion ($138 million).

One residential mortgages transaction amounted to Ps500 million in inflation indexed units (UDIS) and priced at a real rate of 6.55%. The paper's legal term was 29.13 years and its average expected life was 11 years. Moody's Investors Service and Standard & Poor's rated the deal Aaa.mx' and mxAAA', respectively, on the national scale. The book was three times oversold, according to source familiar with the deal. This transaction marks Metrofinanciera's second offering backed by residential mortgages. The first came last December and was also sized around Ps500 million. So far, the originator has used up 20% of a Ps5 billion total domestic RMBS program.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.